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Published on 8/11/2019 9:29:38 AM | Source: Enrich Commodities India Pvt Ltd

Nifty50 on the SGX were trading lower at 11996.50 -62 points - Enrich Commodities

NIFTY MORNING OUTLOOK

Pre-Market Friday! Asian market positive trading, Nifty50 on the SGX were trading lower at 11996.50 -62 points on indicating gap down opening for the NSE.

At the close in NSE, the Nifty 50 added 0.38% to hit a new 3-month high, while the BSE Sensex 30 index climbed 0.45%.

The biggest gainers of the session on the Nifty 50 were Bharti Infratel Ltd, which rose 3.55% or 7.85 points to trade at 229.45 at the close. Sun Pharmaceutical Industries Ltd. added 3.41% or 14.60 points to end at 440.60 and IndusInd Bank Ltd. was up 2.76% or 37.00 points to 1381.90 in late trade.

Biggest losers included UPL Ltd, which lost 7.84% or 47.55 points to trade at 577.70 in late trade. GAIL Ltd declined 3.55% or 4.85 points to end at 132.10 and Yes Bank Ltd shed 3.57% or 2.45 points to 66.45.

The breadth, indicating the overall health of the market, 1274 rose and 1143 declined, while 173 ended unchanged on the India National Stock Exchange.

Rupee desk: The USD/INR was down 0.04% to 70.972.

 

Technical outlook

Nifty daily chart has formed "Rising wedge" pattern. The last few sessions ended up sideways in trend after a gap up formation inside the channel. The market is expected to continue on bearish momentum, testing all the way up to 11800 level in upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 12050 then it might turn bullish once again. The upside rally could test up to 12200 level. Key support holds at 11800.

 

Technical Chart

 

 

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